Question: Digital Access Incorporated needs $317,720 in funds for a project. Assume the loan term is one year. a. With a compensating balance requirement of 6

Digital Access Incorporated needs $317,720 in funds for a project. Assume the loan term is one year. a. With a compensating balance requirement of 6 percent, how much will the firm need to borrow? Note: Do not round intermediate calculations. b. Given your answer to part a and a stated interest rate of 12 percent on the total amount borrowed, what is the effective rate on the $317,720 actually being used? Note: Input your answer as a percent rounded to 2 decimal places

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